Every year in the budget, the finance minister of the country talks about income tax (IT) i.e. income tax. Sometimes the income tax slab is changed, sometimes the tax exemption is increased and decreased. Sometimes there is talk about  the option  of investing for income tax (IT) savings, sometimes there is talk of abolishing some of the facilities issued for income tax savings or introducing some new facility.

If you also want to understand what exactly is income tax or income tax (IT), then we are going to tell you about this in detail today. Income Tax (IT) is the tax levied on our income. Every year, we have to give a certain part of our income to the Central Government. Income tax (IT) is issued differently  on people with different incomes.

Why does the government collect taxes from the citizens?: Not only that, any government also needs to spend a lot of money on the civil service that it provides to the people and institutions living in its jurisdiction. It also includes expenses on roads, electricity and water to safety and administration. The subsidy or assistance given to farmers and poor people at various facilities etc. are also present in these expenses. The Government of India tries to meet this expenditure by levying two types of taxes.

How many types of taxes are there?: Taxes are levied in two ways to meet government spending all over the world, including India. The first is to take part in some of the people's income i.e. direct taxes. Income Tax (IT) or Income Tax is counted in this category. The second way to tax is to tax the use of services and goods i.e. indirect or indirect tax.

Let us tell you that the biggest tax in direct tax or direct tax is income tax (IT) or income tax. According to the rules already set according to  each year, the government charges income tax from all the citizens and institutions of the country whose income is taxable. People file  income tax returns (ITR or ITR) only to pay income tax. In which individual taxpayers, joint families, companies, firms, organizations, institutions, etc. are present in the list. All these tax payers are charged income tax separately according to their income.

What is the constitutional provision?: Schedule 7 of the Indian Constitution empowers the Central Government to collect taxes from people whose income is from agriculture as well as other sources. The terms and conditions and rules according to which these taxes are levied on the citizens and institutions of the country are detailed in the Income Tax Act, 1961 and the Income Tax Act, 1962. The Central Board of Direct Taxes (CBDT), a central government body, also issues instructions in this regard from time to time. Cbdt issues the ITR form for filing income tax return (ITR).

Section 10(1) of the Income Tax Act (ITA) excludes agricultural income from the purview of income tax or income tax. What can be called agricultural income is mentioned in Section 2(1A) of the Income Tax Act.

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